Differences between in person or virtual/remote?

Question

I'm new to wholesaling and learning.

Just wondering about folks experience with doing things mostly local, in person or entirely remote? It seems like doing things entirely remote is possible once one can afford CRM systems, to spend money on leads for calls and texting, once one has a website with some decent testimonials. In person seems more realistic for a person without capital and without testimonials to inspire trust.

Any advice or insight is much appreciated!

Izaiah Barba · Answer

Hey Aimee, we are doing fully the virtual model. However, we did start out in person. We started in our market here in New Hampshire and then ventured out to all of New England, Florida, and North Carolina.I do recommend starting in person if you can. It is easier to get data, and if money is a constraint, you can do driving for dollars where you drive around your local neighborhood and find properties that are run down, then either door knock or give them a call.So there are cheaper options if you start in person. However, there are also ways to do it virtually at a low cost.If you want to learn more about that, feel free to send me a DM and I can share more on what worked for us!

Yousef Hossam · Answer

wholesaling virtually is much possible and a lot are doing it, the issue is not how to run it, its how to lock in the deal that will get sold in this area, getting to know the buyers, the market needs, and the prices that will work out a wholesale deal. my advise is to test areas before diving in bulk, hire a part time caller with a small data in the acquisition process before locking in, approach the buyers and test the waters before jumping into any commitment. you can find a property for sale anywhere but getting a good deal under contract is the tricky part.

Anthony L Amos Jr · Answer

Welcome Aimee! I think Caleb hit the nail on the head. The problem I see with a lot of remote wholesalers is that they just look at comps on a screen. They miss things like neighborhood vibes or construction styles that a local person would catch immediately.

To answer your question about managing showings: I would definitely suggest partnering with someone local who can review your comps and handle the in-person tasks. Obviously, this will cut into your profit because no one is working for free, but having boots on the ground is usually worth it. Regardless of which path you choose, having systems to generate leads is going to be key.

Caleb Brown · Answer

Having a CRM, managing prospecting and negotiating is not hard virtually. The hard part you run into is knowing the area you are wholesaling. You need to understand the pocket of whatever property you are calling in. If you don't then you can waste everyone's time with inflated or incorrect assumptions. Also managing showings, walk throughs or meeting with the seller in person are something you will have to keep in mind.

Aimee Cabanas · Answer

So, to manage showings, walk throughs and meeting the seller, would you recommend having an eager investor in that area or teaming up with an estate agent? What would the solutions be?Thank you for your advice!

Caleb Brown · Answer

You'll have to find someone local that you can pay. You can also set up showings where seller lets them in but that is risky. You can have conversations behind your back that would bite you in the butt. Having someone to be there would be best for everyone.

Differences between in person or virtual/remote?

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